Oil technical analysis: Black gold sticks to $51.50 a barrel undecided where to go next

  • Oil is trading back and forth near $52.50 a barrel. 
  • The market remains under selling pressure although it is attempting to stabilize above 51.00.
  • A break above 53.60 would be seen as quite bullish. 

Oil daily chart

WTI (West Texas Intermediate) is in a bear trend trading below its main simple moving averages (SMAs). The price has been coiling around 52.50 since the start of June. 

Oil 4-hour chart

The oil market remains under pressure below its main SMAs. The market is forming a triangle pattern which can theoretically break in either direction.

Oil 30-minute chart

The market is trading within Friday’s range. Bears need a breakdown below 52.00 to reach 51.00. Bulls want to break above 53.00 in order to get to 53.60 and 54.00.

Additional key levels


Today last price 52.63
Today Daily Change -0.12
Today Daily Change % -0.23
Today daily open 52.75
Daily SMA20 56.01
Daily SMA50 60.44
Daily SMA100 58.8
Daily SMA200 58.83
Previous Daily High 53.25
Previous Daily Low 51.94
Previous Weekly High 54.94
Previous Weekly Low 50.94
Previous Monthly High 63.97
Previous Monthly Low 53.13
Daily Fibonacci 38.2% 52.75
Daily Fibonacci 61.8% 52.44
Daily Pivot Point S1 52.04
Daily Pivot Point S2 51.34
Daily Pivot Point S3 50.73
Daily Pivot Point R1 53.35
Daily Pivot Point R2 53.96
Daily Pivot Point R3 54.66



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD mute just above 1.1200, waiting for a signal

The EUR/USD pair is stable and confined to a tight intraday range, unable to run, despite upbeat EU inflation and disappointing US housing figures. Dismal market’s mood backing the greenback without boosting it.


GBP/USD bounced from fresh yearly lows at 1.2381

Sterling remains depressed amid Brexit jitters pushing investors away from the currency. UK data did not help as inflation met the market’s expectations in June.


USD/JPY consolidates in a range, comfortably above 108.00 handle

Reviving safe-haven demand underpins JPY and exerts some pressure. Renewed weakness in the US bond yields further weighed on the USD. The downside remains limited amid tempered Fed rate cut expectations.


Gold: Yellow metal gets intraday boost above the 1,400.00 figure

Gold is currently consolidating gains in a triangle above its main daily simple moving averages (DSMAs). The market is trading above the 1,400.00 mark and the main SMAs suggesting bullish momentum in the medium term.

Gold News

Forex Today: US dollar corrects, US-Japan eye a trade deal, and Bitcoin bounces

US dollar reverses a part of Tuesday’s US retail sales data-led rally. US-Japan are working towards a trade deal by September. Bitcoin recovers, but remains below the 10k mark.

Read more